People who feel good about their finances: What do they have in common?

This guest post is courtesy of CFPB and FDIC’s joint education and awareness campaign.

Parents tell us it’s important for children to be well-prepared to lead good financial lives.

Yes, financial facts and information are important. But the way we behave around money is connected to the way we behave in the rest of our lives. That means it’s important for children to develop attitudes and characteristics as well as knowledge.

So, what kind of person is likely to have financial well-being—that is, to feel confident about their financial situation, today and down the road? It turns out that people who feel financial well-being have a few personality traits in common:

  • Focus on the future. People with this characteristic tend to plan ahead and think about how their actions today will affect them in the future.
  • Diligence. This trait describes people who are driven to finish what they start, work hard, and take care of details.
  • Self-control. People with self-control are generally able to show patience and wait for what they want.
  • Self-confidence. People with this trait tend to measure themselves against an inner yardstick, and believe their actions can make a difference in their own lives.

Parents, if you’re thinking about getting your children on the path to financial well-being, try helping them work on these traits. They can help children get ahead in many areas of life. Young people develop these traits at their own pace, and almost everyone benefits from help and practice. For example, for children younger than age five, activities like martial arts and playing pretend can develop these qualities. You don’t have to be a money expert, and you can help form a good foundation for your child’s future financial life.

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • Written by Administrator2 | January 13, 2014

    Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings. http://ow.ly/sj972

Saver Stories View all »

Taking Back Control Over Finances

Written by Virginia Saves | August 5, 2015

After becoming a Virginia Saver and getting help from BankOn classes and coaching, Nadine Bialo took back control over her financial affairs.

Read more...

Getting Out of Debt

Written by Katie Bryan | October 28, 2013

In 2004, Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost her home to an unexpected family crisis, Shelton and her family were forced to live in a rundown hotel.

Read more...

Challenging Herself to Save

Written by Sara Cooper | April 15, 2014

It all started when Marchale Burton overheard Alabama cooperative extension colleague Isaac Chappelle, coordinator of Alabama Saves, explaining how saving just a little bit – even change – is all it takes to become a saver. “I thought about that,” Burton said, “and wanted to see if it would work.” So, she challenged herself to see how much change she could save.

Read more...

Receive Updates

Sign up for Texts

Written by Tammy G. Bruzon | July 15, 2014

Sign Up

Sign up for Emails

Written by Super User | September 16, 2013

Get Emails

Take the Pledge

Written by Super User | September 16, 2013

Start Saving